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Assessing the Lucas Critique in Monetary Policy Models
deep parameters Parameter stability Taylor rule
2011/8/21
Empirical estimates of monetary policy rules suggest that the behavior of U.S. monetary policymakers changed during the past few decades. However, for that same time period, statistical analyses of la...
The Nobel Prize in Economic 1995，Robert E. Lucas Jr，for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our und...